Why Medtech and Biotech companies need expert accounting
Biotech and Medtech Companies
As a company operating in the biotech or medtech space, you navigate a complicated network of regulatory requirements, scientific knowledge, and technological innovation, all layered over the core component of human wellbeing. There’s a lot going on.
So when it comes to your accounting, you need a team that both understands your business and has expertise in its financial ramifications.
Why medtech and biotech companies need expert accounting
Biotech and medtech companies typically develop, produce, and distribute products and services related to healthcare, pharmaceuticals, and medical devices.
To work in these high-level spaces, your company has to leverage scientific knowledge to unlock innovative therapies and treatments that improve human health and well-being. You might be researching and developing new drugs, biologics, and medical devices, as well as creating diagnostic tools and digital health technologies.
While this opens up exciting opportunities, it also means facing unique challenges compared to traditional businesses. These include navigating complex regulatory environments, managing intellectual property, and securing funding for expensive research and development programs.
Plus, in addition to traditional business functions (e.g., finance, marketing, and operations), biotech and medtech companies often require specialized roles like research scientists, regulatory affairs specialists, and clinical trial coordinators. These roles are critical to the success of your company’s product development and regulatory approval processes.
Does all of this sound familiar? If you’re operating alongside companies like Moderna, Illumina, Thermo Fisher Scientific, Medtronic, and Abbott Laboratories, you need accounting that can understand all of the complexities of your field and help you quite literally account for them.
Tailored accounting for Biotech and Medtech
Your company operates in a complex industry with unique accounting considerations. Those include:
Research and development (R&D) expenses
You likely spend a significant portion of your revenues on R&D activities. These expenses must be carefully accounted for and capitalized when appropriate.
Intellectual property
You also likely rely heavily on intellectual property — like patents, trademarks, and copyrights — to protect your products and services. These assets must be properly accounted for and regularly assessed for impairment.
Equity financing
Medtech and Biotech companies often rely on equity financing (e.g., initial public offerings [IPOs], private placements) to fund their R&D activities. Not only do you need to properly account for these financing activities, but you also need to make sure they’re disclosed in financial statements.
Medtech and Biotech need to consider:
Put the pros to work for you
Clearly, there’s a lot to consider when it comes to accounting for a Medtech or Biotech company. It means navigating your complex regulatory environment while carefully managing your financial reporting to comply with both accounting standards and investor expectations.
We can help. As specialists in biotech and medtech accounting, we understand your unique industry and what it means for your books. To see how we can help, contact us.
Monthly Accounting Pricing
Quarterly
Starting at
- Reconcile Quickbooks Online (10 hours per Quarter)
- Cash-Based Bookkeeping
- Quarterly Video Review
- Chart of Accounts Template Provided
- Annual Meeting
Pre-Seed
Starting at
- Reconcile Quickbooks Online
Accrual Based Bookkeeping - Monthly Call
- Chart of Accounts Template Provide
A/P A/R Tracking By Client
Monthly
Starting at
- Reconcile Quickbooks Online
- Accrual Based Bookkeeping
- Monthly Call
- Customized Chart of Accounts
- Deferred Revenue Recognition
- A/P, A/R Tracking
- Inventory/COGS Reconciliation
- Financial Metrics
- Sales Tax Filings *
- Monthly Financials delivered by the 15th after month end
*up to one state included in sales tax
Series A & Beyond
Based On Your Needs
Custom Quote
(discount if billed annually)
- Reconcile Quickbooks Online
- Accrual Based Bookkeeping
- Monthly Calls and ongoing communication
- Customized Chart of Accounts
- Deferred Revenue Recognition
- A/P, A/R Tracking
- Inventory/COGS Reconciliation
- Board Financials and Metrics
- Sales Tax Filings
- Monthly Financials delivered based date requested
Additional Tax Services
State and local taxes (SALT)
Beyond the corporate taxes to which your company is subject, we also provide services for any state and local taxes that apply to your startup. For example, we work with many tech companies incorporated in Delaware and support them with their Delaware Annual Filings.
Cross-border taxes
If you work with international investors or you plan to expand abroad, our cross-border tax expertise can help you comply with the complex applicable tax regulations. We have experience working with companies that have connections in Lebanon, Canada, the UK, South America, and various EU nations.
Our Process
1
Step 1: Contact Us
Get in touch and we’ll reach out to you to schedule a video call to better understand your tech startups needs and prepare a custom quote.
2
Step 2: Onboarding
We’ll invite you to our secure client portal where you can use our easy to use onboarding checklist to get started. See general pricing guide here.
3
Step 3: Review
We schedule ongoing video calls with you to review your financials and ensure all of your tax compliance is taken care off.
If you’re ready to explore our tax services for tech startup C corporations, don’t hesitate to contact our team today.